3 Types Of Insurance For Shop Owners
When running your own shop – whether you’re a small independent business or a large chain – you have one million and one things to consider. One thing you shouldn’t need to add to the pile is your retail insurance.
As a business owner, you need to be able to set up an insurance cover that works for you, and then be able to forget about it. To do this, you need to make sure that the retail insurance policy you choose protects you in all the most important areas.
In this blog, we will explain three of the most important aspects of insurance for shop owners, and why they should be a part of your retail insurance policy.
Looking for another type of commercial insurance? We have tailored packages to suit any kind of business.
Commercial Buildings Insurance
Sometimes included within an insurance policy for shop owners is commercial buildings insurance if you own the property too. This covers the premises where your shop is. If there is some kind of accident or damage to the property and your business needs to close for a time, this type of cover will protect you. Causes of damage can include fire, flood, theft, vandalism, or everyday accidents. You’ll usually be covered for the cost of repairs, with the aim of getting your shop back up and running as soon as possible.
Stock and Contents Insurance
Similarly to commercial buildings insurance, stock and contents insurance cover is all about protecting the things that your business needs to be able to run. More specifically, your stock, and your equipment.
Many small businesses would be devastated by damage to large amounts of stock or their equipment such as tills or computers. That’s why stock insurance exists, to cover the loss of any stolen or damaged stock through fire, flood, theft, or similar. Contents insurance, which covers other equipment and items within your business premises, helps cover the cost of replacing these key items should the worst happen.
Liability
There are two major kinds of liability insurance for shop owners: public liability insurance, and employer liability insurance.
Public liability insurance covers you in the event that a member of the public (most likely a customer) becomes ill or injured because of your business. This could be anything from slipping on a wet floor to having an allergic reaction to one of your products. Public liability insurance will cover any legal fees for dealing with such an incident.
Employer liability insurance is relevant to anyone who employs any team members in their shop, whether they be temporary, part-time, etc. This is a legally required type of insurance for shops, meaning if you are found not to have this cover, you could be fined. Therefore it is very important to make sure your retail insurance policy has the right cover to protect you. It covers legal fees in the event one of your staff members becomes ill or injured because of the business.
If you’re looking for comprehensive insurance cover for shops to cover you from the unexpected, why not contact us? At Alan & Thomas, we’re experienced in creating bespoke commercial insurance packages to suit many different kinds of businesses. Not only this, but we can offer tailored risk management services to identify issues that are likely to affect your business. To get in touch, just call 01202 754900 or email info@alan-thomas.co.uk.